AM Best Assigns Credit Ratings to Florida Insurance and Reinsurance Company and MNK Group Holdings Limited

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) to Florida Insurance and Reinsurance Company (Florida Re) (Tampa, FL). Concurrently, AM Best has assigned a Long-Term ICR of “bbb-” (Good) to MNK Group Holdings Limited (MNK Group) (London, UK). Florida Re is a subsidiary of MNK Group. The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect Florida Re’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

As a new start-up company, the balance sheet strength assessment of very strong contemplates current and prospective risk-adjusted capitalization using management’s communicated five-year business plan. Florida Re was capitalized through a cash contribution from the ultimate business owner and does not have any outstanding debt currently. AM Best initially assesses Florida Re’s operating performance as adequate based on the company’s five-year business plan, which as a newly formed entity is subject to successful implementation over the planning horizon. The business plan calls for a mix of insurance and reinsurance business, with the insurance business being conducted within the United States, while reinsurance will be assumed from international markets.

AM Best assesses Florida Re’s business profile as limited. The Florida-domiciled insurance company will focus on domestic commercial property, specifically condo associations while the reinsurance business will focus on assumed property, among other lines. The company is expected to start writing business by the end of 2025 and will leverage partnerships with condo associations for the insurance segment and its relationship with affiliate managing general agents for the reinsurance segment. AM Best currently assesses Florida Re’s ERM as appropriate; however, as a start-up organization, there is execution risk. Florida Re has controls and tolerances in place that will grow as the company grows and ERM will continue to evolve.

The ratings will remain dependent on Florida Re to execute its business plan effectively as presented, AM Best will continue to monitor progress as the company expands.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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